Saudi Fund for Development reschedules Jordan’s $114 million debt

Updated 18 December 2018
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Saudi Fund for Development reschedules Jordan’s $114 million debt

  • Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant

JEDDAH: The Saudi Fund for Development and the Jordanian government signed a deal on Monday to reschedule the repayment of $114 million Jordan owes to the fund. The debt includes 19 loans which will now be settled over 20 years, with a grace period of five years.
The Saudi Press Agency reported that the agreement was signed by Jordan’s Finance Minister Ezzedin Kanakriyah and SFD Deputy Chairman and Managing Director Khalid bin Sulaiman Al-Khudairy. It aims to help Jordan reduce its overall public debt.
Also present at the signing ceremony were Prince Khaled bin Faisal bin Turki, Saudi Arabia’s ambassador to Jordan, Jordan’s Minister of Planning and International Cooperation Mary Kawar, and Jordanian Central Bank Governor Ziad Fariz.
Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant, as part of a Gulf grant to Jordan through an account with the Central Bank of Jordan. This agreement aims to provide liquidity as quickly as possible and avoid the challenges associated with financial ceilings in the Jordanian general budget.
Jordan thanked Saudi Arabia for its contribution to this Gulf grant, which is worth $1.25 billion for strategic and high-priority projects. In addition to this, Saudi Arabia has contributed to a package of aid to Jordan within the framework of the Makkah Summit, as well as supporting the Jordanian government’s development efforts to ease the burden of hosting refugees through a grant of $100 million.
Prince Khaled highlighted the long-standing ties between the two countries and said that the Kingdom will continue to stand by Jordan and help support its economy. Kawar praised the strong bilateral ties between Jordan and the Kingdom, the foundations of which were laid by Saudi King Salman and Jordanian King Abdullah II.
The Jordanian side expressed its thanks and appreciation to Saudi Arabia, its leadership, government and people, for their continued support.


Saudi Arabia's King Salman offers $1m to International Civil Aviation Organization

Updated 17 June 2019
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Saudi Arabia's King Salman offers $1m to International Civil Aviation Organization

RIYADH: Saudi Arabia’s King Salman has provided $1 million to the International Civil Aviation Organization (ICAO), the Saudi Press Agency reported Monday.

The announcement came as part of the “Kingdom’s efforts in supporting international organizations and bodies and the leadership’s keenness to play an important role in the most important international and regional organizations,” SPA said.

The aid will go towards supporting ICAO’s No Country Left Behind (NCLB) initiative, which aims to assist developing countries in applying the standards and recommended methods for the safety and security of civil aviation.

The aid will also contribute to the costs of translating the organization’s documents and publications into Arabic.

The President of the Kingdom’s General Authority for Civil Aviation (GACA), Abdulhadi bin Ahmed Al-Mansouri thanked King Salman for his support to the aviation sector locally, regionally and globally, 

He said: “this contributes to the development of the aviation industry and to improve the safety and security of civil aviation in developing countries, least developed countries and island states.

The $1 million of financial assistance is an extension of the Kingdom's previous financial support in 2016 which “ the level of safety and security of civil aviation in the Middle East and Africa," Al-Mansouri said.

Olumuyiwa Benard Aliu, the ICAO’s president, thanked the king for the support.